Montreal's Best Mortgage Brokers

Services of Mortgage Broker for First Time Buyers

Buying a house for the first time in your life may be a thrilling and exciting experience, yet it is a responsible and serious decision that has to be taken. For that purpose, any first time buyer would need a high quality, professional help in order to get a mortgage on the most possible beneficial terms and avoid default in the future.

In particular, a good consulting gives a first time buyer an insight of what is happening in the market and how to manage the repayment of the debt in the future. Indeed, it is a very important aspect neglected by some first time buyers, and exactly this point may cause problems with the debt repayment. Getting a mortgage means that you will connect your life with a bank for about 20 years, and you must plan all the debt repayment and your cash flows adequately to happily enjoy your new house and avoid bad situations.

Possessing an own house is a sign of prosperity for many people, and therefore it is natural that many our citizens strive to take a mortgage for home purchase. Indeed, getting an own house brings a number of benefits to anyone. However, there are several reasons why getting a mortgage for home purchase can be beneficial with us.

Are You Looking for a Second Mortgage?

If you are an owner of your own house and you need money, you can get your cash out with the help of second mortgages. Second mortgage essentially can be used for a big number of goals and projects, and it is a good way of getting a loan for a big sum of money. Simply put, a second mortgage is another loan secured against your property. The word “second” means that this mortgage does not have a priority on the property in case of your default, unlike a “first” mortgage (typically it is the loan used for a buy of a house).

Even though there are many reasons why home owners would need such a bulk of money (overhauling a house, avoiding private mortgage insurance (or PMI), consolidating the debt, starting a business, and many others), a need for money connects all those reasons. You do not have an unlimited amount of cash on your credit cards, and the interest rates are quite high there. Therefore, our clients usually resort to getting a second mortgage.

Options of Mortgage Refinancing

Many clients sometimes face a situation when they need to refinance their mortgages. In particular, this trend has become stronger after the mortgage crisis in the United States. There are different reasons why the clients resort to mortgage refinancing: getting better interest rates and thus saving their money, renovating or overhauling their houses, consolidating the existing debts, starting another business, or, after all, getting the money they urgently need. It is just a short list, among other reasons, why people need the service of mortgage refinancing.

In general, replacing an old mortgage with a new one is called refinancing, yet it can be 80% from the house value at maximum. In many cases (yet not in most), the clients seek to save their money or obtain better terms with replacing the old mortgage. It is particularly beneficial way of saving money for borrowers who can boast a good credit history: getting a mortgage with a fixed interest rate, for example, instead of a mortgage with a variable interest rate may save thousands of dollars to your family budget. Although, borrowers with not that good credit history or even with a poor one may encounter numerous challenges in refinancing their mortgages.

Options of Mortgage Renewal

Mortgage renewal is an especially needed service for many home owners. In essence, it is a new agreement, according to which you either extend or renew the terms of your mortgage with the mortgage holder. The mortgage holder may send you the papers for the mortgage renewal, and it is a good time to reassess your needs and financial capabilities.

Indeed, a dire financial situation of a home owner is usually the cause of resorting to mortgage renewal. Therefore, you should consult a highly professional mortgage broker in order to get to know what to do with your mortgage. Our mortgage broker will give you a thorough and detailed breakdown of your existing mortgage, your current financial situations, possibility of mortgage renewal, and options that currently exist in the market. Moreover, it will help you to reassess your needs according to your financial capabilities.

A home equity line of credit (or security line of credit) may be a good option of getting cash out of your equity. Even though it is not as popular as the service of debt consolidation, for example, it may appear beneficial for many people. So what is a security line of credit and how is it different from a home equity loan?

Indeed, a security line of credit allows you to get cash at ultra-low interest rates by securing the debt against your equity (usually banks require that your share in equity should be at least 35%), the same way as a home equity loan does. So what is the difference? A security line of credit makes a difference by providing you with a standing access to funds (unlike a home equity loan, which is given only once). It means you may borrow the funds whenever you need them at ultra-low interest rates and then pay them back. The benefits of such product are obvious.

Wouldn’t it be nice if you had the money to do more of the things you want to do? A CHIP Reverse Mortgage could be just what you need. It’s the simple and sensible way to unlock the value in your home and turn it into cash to help you enjoy life on your terms.

Benefits of a CHIP Reverse Mortgage

You receive the money tax-free. It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.